Oil Surges on Concerns of Escalating Conflict in the Middle East

• Benchmark Brent jumps above $89 a barrel in sharp move higher
• Unverified reports point to explosions in Iran, Syria and Iraq

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By Yongchang Chin

April 19, 2024 at 9:23 AM GMT+10

Updated on

April 19, 2024 at 11:43 AM GMT+10

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Oil jumped on intensifying concerns about conflict in the Middle East, with Brent rallying above $89 a barrel in a sudden move higher.

The global benchmark reversed an early drop after unverified media reports of explosions in Iran, Syria and Iraq. Traders have been awaiting an Israeli response to Iran’s attack last weekend, with the rhetoric between the two escalating as the Islamic Republic warned against striking its nuclear facilities. Gold also spiked.

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